House Directs CBN to Remit N3.64trn in Unpaid Operating Surplus to FG Within 14 Days

Juliet Akoje in Abuja 

The House of Representatives has ordered the Central Bank of Nigeria (CBN) to transfer N3.64 trillion to the federal government within a two-week period.

This sum constitutes 70 per cent of an outstanding N5.2 trillion in operating surplus that the CBN failed to remit from the years 2016 to 2022.

This resolution followed the appearance of a CBN delegation led by Dr. Bala Mohammed Bello, Deputy Governor of the Operations Directorate, alongside Mr. Wale Edun, the Finance Minister and Coordinating Minister on the Economy before the House Joint Committee of Public Accounts and Public Assets, yesterday.

During the meeting, lawmakers questioned the CBN on its failure to remit the mandated operating surplus to the government, and its handling of unclaimed dividends and dormant bank account balances.

In a formal communication to the CBN Governor, signed by Hon. Bamidele Salam, Chairman, Public Accounts Committee and Hon. Kuye Ademorin Aliyu, Chairman, Public Assets Committee, the House accused the Bank of withholding N5.2 trillion owed to the federal government.

The letter was titled: ‘Investigation of Non-Compliance with Fiscal Responsibility Act 2007 and Finance Act 2020 on the Remittance of Operating Surplus and Management of Unclaimed Dividends and Dormant Account Balances by the Central Bank of Nigeria’.

“Following your appearance before the Joint Committee on Wednesday, June 25, 2025, concerning the aforementioned matter, the Committees hereby issue the following directives:

“The Auditor General for the Federation, in executing his constitutional duties, reported that the CBN owes N5.2 trillion in operating surplus to the federal government for the 2016–2022 period. This position is supported by the Fiscal Responsibility Commission, which provided a similar report to the National Assembly. This situation constitutes a serious violation of the Fiscal Responsibility Act of 2007 (as amended).

It further reads, “In addition, the Finance Act of 2020 stipulates that any dividends from listed Nigerian companies unclaimed for six years or longer, as well as funds in dormant bank accounts of the same duration, must be transferred to the Unclaimed Funds Trust Fund. This fund is overseen by a Governing Council composed of the Finance Minister, Debt Management Office, and other relevant agencies.

“The Attorney General and Minister of Justice issued a legal opinion affirming that the Finance Act 2020 governs how dormant balances should be managed -directly opposing the CBN’s stance that the Banks and Other Financial Institutions Act (BOFIA) 2020 authorizes the CBN to control such funds.”

However, the committee ordered CBN to remit N3.64 trillion representing 70 per cent of the unremitted N5.2 trillion operating surplus within 14 days of receiving the directive pending final confirmation and reconciliation of the total figures by all concerned parties.

“The CBN must submit a detailed breakdown of the total amount of unclaimed dividends and dormant bank balances to the Joint Committee by or before June 30, 2025. The Bank must also transfer all qualifying unclaimed dividends and dormant funds to the Unclaimed Funds Trust Fund within 14 days of receiving this letter.

“Proof of these actions must be submitted to the Committee Secretariat, located in Hearing Room 4, White House, House of Representatives Old Building, National Assembly Complex, Abuja, no later than Monday, July 14, 2025.”